BetMakers wins on Fixed Odds Racing approval

BetMakers Technology jumped 13% on Friday after it announced that a landmark Bill to “authorise fixed odds wagering on horse races through fixed-odds wagering system”, which was passed unanimously in both the Senate and General Assembly in New Jersey, has now been signed by the Governor of New Jersey to become law.

BetMakers noted that the introduction of Fixed Odds betting on horse racing by law in New Jersey is a historic moment for wagering in the United States and a landmark achievement for the company, as it opens the door for the thoroughbred industry to offer Fixed Odds betting markets on racing in the same way as sports.

Legalised Fixed Odds betting on horse racing in the U.S. has been a key part of BetMakers’ strategic plans and the announcement enables the company to press forward with the roll-out of Fixed Odds betting in New Jersey while also setting a precedent legal framework that is relevant for the company’s discussions with other States in the U.S.

BetMakers had previously secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development, the operator of Monmouth Park racetrack, to deliver and manage Fixed Odds thoroughbred horse racing into New Jersey.

BetMakers Chief Executive Officer Todd Buckingham said: “Following the green light for Fixed Odds to become law in New Jersey, it is intended that initially the first bets will be taken on course at Monmouth Park under BetMakers’ Managed Trading Services agreement, and we are aiming to confirm a date for this to announce in coming weeks. The next step will be for approved operators who have an agreement with BetMakers to offer Fixed Odds betting to their online customers. While the company is excited by the imminent to start Fixed Odds betting, we are also mindful about doing it the most sustainable way that rewards our partners, and we will be looking to reach scale over the next 12 months.”